HAWTHORNE, N.Y.--(BUSINESS WIRE)--June 30, 2008--Taro
Pharmaceutical Industries Ltd. ("Taro" or the "Company") (Pink Sheets:
TAROF) said today that it would have no formal comment on the
unsolicited tender offer commenced today by a subsidiary of Sun
Pharmaceutical Industries Ltd. ("Sun"), for all shares of Taro common
stock at a price of $7.75 per share until Taro's Board of Directors
has an opportunity to review and evaluate the full details of the
Taro said that it expected that its Board of Directors would meet
to consider Sun's offer in due course and that, as required by law,
the Company would publicly announce the Board's position with respect
to the offer on or before July 14, 2008. Taro is asking its
shareholders to defer making a decision as to whether to accept or
reject the Sun offer until they have been advised of the Board's
position with respect to the offer.
Taro also said that its Board of Directors had retained Merrill
Lynch as its financial advisor and Yigal Arnon & Co. and Skadden Arps
Slate Meagher & Flom LLP as its legal advisors to assist the Board in
evaluating Sun's offer.
Taro Pharmaceutical Industries Ltd. is a multinational,
science-based pharmaceutical company, dedicated to meeting the needs
of its customers through the discovery, development, manufacturing and
marketing of the highest quality healthcare products.
For further information on Taro Pharmaceutical Industries Ltd.,
please visit the Company's website at www.taro.com.
SAFE HARBOR STATEMENT
Certain statements in this release are forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of
1995. These statements include, but are not limited to, statements
that do not describe historical facts and statements that refer or
relate to events or circumstances that the Company "believes," or
"expects" to happen, or similar language. Although Taro believes the
expectations reflected in such forward-looking statements to be based
on reasonable assumptions, it can give no assurance that its
expectations will be attained. Taro believes this release should be
read in conjunction with all of its filings with the United States
Securities and Exchange Commission and cautions its readers that these
forward-looking statements are subject to certain events, risks,
uncertainties, and other factors. Certain factors that could cause or
contribute to such differences include risks detailed from time to
time in the Company's SEC reports, including its Annual Reports on
Form 20-F. Forward-looking statements speak only as of the date they
are made. Taro undertakes no obligation to update, change or revise
any forward-looking statements, whether as a result of new
information, additional or subsequent developments or otherwise.
CONTACT: Kekst and Company
Roanne Kulakoff, 212-521-4827
SOURCE: Taro Pharmaceutical Industries Ltd.